The trading volume of the fifth largest cryptocurrency by market capitalization – XRP – has spiked by over 90% in the past 24 hours, whereas other indicators, such as the asset’s futures long/short ratio, have also headed north.
Those are considered bullish factors, indicating that traders believe the coin’s price could soon start rallying.
XRP on a Pole Position
The cryptocurrency market has shown signs of serious revival lately, with the prices of most assets spiking to weekly highs. Such is the case with Ripple’s native token – XRP – which surpassed the $0.50 level, reaching a 10-day peak.
According to CoinGlass, its trading volume (the total number of units exchanged between buyers and sellers over a particular period) has also surged considerably, being up more than 90% in the past 24 hours. Specifically, traders exchanged approximately 1.7 billion XRP tokens during that time, equaling roughly $876 million.
It is also worth observing the numbers charted on Binance (the largest market at present for the coin). CoinGlass estimated that the XRP/USDT Long/Short Ratio has increased to 2.83 on the world’s largest cryptocurrency exchange.
The rise of the metric indicates that there are more long positions than short ones, which suggests a bullish sentiment among traders.
Can XRP Hit a New ATH Soon?
Several analysts and experts have recently envisioned a bright future for XRP, predicting its price could skyrocket to a new all-time high in less than five years. One such person is Shannon Thorp, who thinks that the coin might blast above $500 by 2027.
Still, this forecast sounds preposterous, to say the least, considering the fact that XRP’s market valuation should climb to $260 trillion for this to happen. In comparison, the entire market cap of the cryptocurrency industry was around $3 trillion during the latest bull run in 2021.
The X user, going by the name EGRAG CRYPTO, gave a more modest prediction, according to which Ripple’s token could tap “$2.8 and $5.5, maybe even stretching up to $6-7.”
Last but not least, ChatGPT said XRP will hit its all-time high of $3.40 (per CoinGecko) once there is a calming regulatory environment, favorable market sentiment, surging adoption rates, technological advancements, and overall crypto market health. However, the AI-based chatbot did not provide an exact timeline for that to happen.
Those who wish to take a look at how XRP could perform throughout the next bull run can check out our recent video on the matter: